Remember a few weeks ago when Globalive stated they were talking with a number of investment banks to raise “several hundred” million dollars for expanding their business. Well I guess it’s a done deal.
Globalive today has “announced its intention to enter into a private debt financing for the purposes of continuing to expand the WIND Mobile network, create new distribution partnerships and for general working capital purposes”. Although no names are mentioned about who is helping with the funding or specifically how much was raised, Globalive did say that it’s both Canadian and international investment banks and also stated that “the financing will not impact the ownership and control structure of WIND Mobile”.
Globalive Chairman Tony Lacavera previously said “We need to accelerate our business plan. We’ve got to get that network built aggressively and stick with our model across the country as fast as possible.”
WIND currently has signed up well over 10,000 subscribers and will be launching in Edmonton and Ottawa later this month. Within 3 years they hope to bring on 1.5 million subscribers.